IFRS

International Finance Reporting Standards

In its February 24, 2010, position statement, the Securities and Exchange Commission (SEC) reaffirmed a “strong commitment to a single set of global standards.”

The final decision on adopting International Financial Reporting Standards is slated to come in 2011 and depends on the execution of the SEC’s work plan and completion of certain convergence projects between the Financial Accounting Standards Board and the International Accounting Standards Board. The final adoption date is likely to be in 2015 or 2016, and optional filing status is still on the table.

If your company is a U.S. issuer, the most recent timeline enables you to begin assessing the impact that the FASB and IASB convergence projects and full IFRS adoption will have on your organization. This assessment will allow you to minimize the implementation and ongoing costs and maximize the opportunities created by these changes.

If your organization could benefit from a leading approach to technical accounting and financial reporting, including IFRS, Jefferson Wells can help. Our clients include Fortune 500 and Global 1000 companies, and our professionals are skilled in technical accounting, financial process improvement, tax, project management, technology and internal control compliance.

Developed in public and private companies, our expertise encompasses a variety of industries and business environments, enabling us to assist you in assessing:

• The impact and risks of transitioning from U.S. GAAP to new accounting standards or IFRS with respect to external financial statements
• The impact and risks of transitioning from U.S. GAAP to new accounting standards or IFRS on tax accounting, strategy and planning
• Current policies and procedures for consistent and complete compliance with new U.S. GAAP accounting standards or IFRS
• Current processes and related internal controls to ensure SOX 302 and 404 compliance is maintained
• Organizational readiness and recommending next steps
• Project management needs from assessment through implementation